Mortgages have hit their highest rates in decades, with the 30-year fixed interest mortgage rate surpassing 7% for the first time since 2002, according to the Mortgage News Daily (MND) index.
At 7.08%, the current fixed rate is a far cry from September 2021 rates of 2.86%, and has increased by nearly 2% since the end of August 2022, according to MND. Applications for home refinancing have dipped by 10.9% and new home buyer applications fell by 0.4% in September as interest rates continue to climb, Trading Economics reported.
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